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ARTICLE · 22 DECEMBER 2021

Singing In The Rain Of LIBOR Transition

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We are in the final days of LIBOR as we know it. All sterling LIBOR settings will cease to be published in their current form immediately after 31 December 2021...

United KingdomFinance and Banking
Ashley McDermott
Ashley McDermott
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We are in the final days of LIBOR as we know it. All sterling LIBOR settings will cease to be published in their current form immediately after 31 December 2021 and although the most commonly used dollar LIBOR settings will continue to be published until 30 June 2023, most banks in the export finance market are unable to commit to new dollar loans priced by reference to LIBOR from 1 January 2022.

Thankfully, the export finance community has been working hard on LIBOR transition since our last article for The BUlletin in March 2021 (What's on the menu at the benchmark bistro?1), including through the Berne Union. Recent developments include:

  • On 29 July 2021, the Alternative Reference Rates Committee (ARRC) in the US formally recommended the use of forward-looking term rates based on the secured overnight financing rate published by CME Group ('Term SOFR') for use in the syndicated loans market, including export finance.

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